Tieto Corporation and I-Teco have agreed to pull out of their plans to establish a joint venture company in Russia. The plans were announced in September 2010.

Tieto and I-Teco have together re-evaluated the situation and conclude that in the current market environment the benefits from a joint venture would be smaller than initially estimated. The companies will, however, continue their cooperation in the data centre field in Russia. It has earlier been announced that Tieto already has a data centre in I-Teco premises in Moscow.

Source: Stockhouse

Here for full article